The amount homeowners spent has not changed in the past three years, but the cost of renovations has, thanks to a shortage of labor and rising prices for materials. ... That combined with the rising costs of labor and more recently products and materials, [so] we are looking at rising prices for home renovation services.”

How much does the average remodel cost?

The average renovation cost*, varied per state with households in Victoria topping the list, investing $71,067 per average home renovation, followed by New South Wales at $66,609 and then Queensland at $60,560.

Is remodeling worth the money?

With a full kitchen renovation, homeowners can recoup about 59% of the cost, and a new master suite will typically return 50%, according to a study from the the National Association of Realtors and the National Association of the Remodeling Industry. But the highest returns come from less flashy projects.